Mike Selig

you have to come in and register and comply with the rules on the books as drafted for, you know, a 1934 exchange, right?

We're leaning into the future.

We understand that our markets are changing, that technology is changing.

We want to tailor fit our rules and regulations for these new products and platforms and exchanges, recognizing that

We need to protect investors.

We need to make sure that customer funds are safe, or at least that there's an adequate amount of disclosure and people understand what they're trading and how they're trading.

So we're working on all that.

We've been taking a number of measures at the commission to make sure that self-custodial wallet providers, for example, are able to offer access without having to register as a broker.

We're looking at

tokenization and the use of on-chain assets for settlement of contracts and all of that.

So we're leaning into on-chain technology.

We're just getting started, but we are evaluating these platforms and engaging with many of them.

We're excited to see the new frontier of finance built here in the U.S.

It's fascinating to see all of this activity offshore.

Of course, we want to see that here in the U.S.

in a regulated manner, but we're assessing it.

So I look forward to working with Chairman Atkins over at the SEC.

A number of these products are security-based products.

derivatives, whether they're futures or swaps or another type of product, that's certainly something that we will work through together.

But we're excited to make sure that the new frontier finance is built here in the US.